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Price Signal Summary: USDMXN Corrective Cycle Still In Play

LATAM FX
  • Price action in USDMXN since Jun 25 still appears corrective in nature, reinforcing a bearish theme. A break lower would expose 19.7059, Jun 25 low and 19.5987, the Jun 9 low. The next firm resistance is at 20.3504, 61.8% of the recent Jun 18 - 25 downleg
  • The USDBRL focus remains on resistance at 5.3130, Jul 8 high. A break of this hurdle would trigger stronger gains and open 5.3740, May 24 high. Initial support is unchanged at 5.0550, Jul 15 low. A break would be bearish and instead expose 5.00 plus the Jun 25 low of 4.8934. The latter is a key support.
  • The USDCLP outlook remains bullish. Yesterday's high print confirms a resumption of the underlying uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on 777.00, the Nov 24, 2020 high. Support is at 747.63, Jul 22 low.
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